Funding

Qura funding news – Stockholm-based Qura Secures €2.1Million in Seed Funding

Sep 24, 2024 | By Oliver Bennett

Legal tech startup Qura secures €2.1million in seed funding led by Cherry Ventures and GP Sophia Bendz who will join the board. The funding round, led by Cherry Ventures and followed by senior Swedish lawyers and other angels, will be used to improve the platform further and collect more legal data.

SUMMARY

Legal tech startup Qura secures €2.1million in seed funding led by Cherry Ventures and GP Sophia Bendz who will join the board.
Qura is an artificial intelligence (AI) search engine that attorneys use to search through millions of documents from hundreds of dispersed legal sources

When co-founder Erik Nordmark began his second degree in law, the idea for Qura was born. After a week, he left the course, concluding that LLMs would make all the difference and that the Swedish legal databases were dinosaurs. Kevin Kastberg and Arvid Winterfeldt, two technical co-founders with backgrounds in physics and artificial intelligence research, were brought on board by him.

LLMs are transforming the way people interact with text, according to Qura CEO Arvid Winterfeldt. An LLM searches a legal repository in eight seconds, whereas it took lawyers two weeks. Qura is a revolutionary approach to organizing and searching datasets that goes far beyond chatbots ".

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Industry veteran Elisabet Dahlman Löfgren, who left Mannheimer Swartling after 22 years as a lawyer and has been in charge of the company's legal tech initiatives for the past seven years, is the fourth co-founder. "I've seen almost all of the legal IT startups.

I joined Qura for a reason: unlike most GenAI chatbots that are having trouble finding a use case in the legal industry, we actually address a problem, which is finding intelligence in large databases. Elisabet Dahlman Löfgren stated, "We are gaining market share because of this.

Arvid Winterfeldt, CEO said, " The legal tech market is in the middle of a hyper-growth revolution, and AI solutions are flooding in. ChatGPT created hype around the ability of LLMs to chat and write. Qura is one of the first solutions to showcase LLMs' ability to read, understand and connect oceans of text. That is where we aim to become world leading."

About Qura

Qura is an artificial intelligence (AI) search engine that attorneys use to search through millions of documents from hundreds of dispersed legal sources, including financial rules and environmental legislation. Since its April beta launch, It has aided over 50 legal teams.